Old National Bancorp (NASDAQ:ONB) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Old National Bancorp (NASDAQ:ONBGet Free Report) have received a consensus recommendation of “Moderate Buy” from the eight analysts that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $19.13.

A number of analysts have weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price target on shares of Old National Bancorp in a report on Tuesday, April 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $20.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Barclays upped their price target on Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, June 24th. Hovde Group started coverage on Old National Bancorp in a report on Monday, June 3rd. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Sunday.

Get Our Latest Research Report on ONB

Insider Activity at Old National Bancorp

In other Old National Bancorp news, CFO Brendon B. Falconer sold 49,375 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the transaction, the chief financial officer now directly owns 88,712 shares in the company, valued at $1,444,231.36. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the transaction, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at $795,015.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brendon B. Falconer sold 49,375 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the sale, the chief financial officer now directly owns 88,712 shares in the company, valued at approximately $1,444,231.36. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Old National Bancorp

Institutional investors have recently modified their holdings of the stock. Foundry Partners LLC raised its position in Old National Bancorp by 2,494.5% in the 4th quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock worth $8,141,000 after purchasing an additional 463,449 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Old National Bancorp by 18.7% during the fourth quarter. Federated Hermes Inc. now owns 341,484 shares of the bank’s stock valued at $5,768,000 after acquiring an additional 53,792 shares during the period. Hsbc Holdings PLC boosted its holdings in Old National Bancorp by 330.1% in the fourth quarter. Hsbc Holdings PLC now owns 93,149 shares of the bank’s stock valued at $1,581,000 after acquiring an additional 71,489 shares during the last quarter. New York State Common Retirement Fund increased its position in Old National Bancorp by 31.5% in the fourth quarter. New York State Common Retirement Fund now owns 1,191,832 shares of the bank’s stock worth $20,130,000 after purchasing an additional 285,603 shares during the period. Finally, Rafferty Asset Management LLC raised its holdings in Old National Bancorp by 55.3% during the 4th quarter. Rafferty Asset Management LLC now owns 454,142 shares of the bank’s stock worth $7,670,000 after purchasing an additional 161,746 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Stock Up 1.9 %

ONB stock opened at $16.98 on Wednesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.92. The company has a 50-day moving average of $16.81 and a two-hundred day moving average of $16.62. The stock has a market capitalization of $5.42 billion, a price-to-earnings ratio of 9.18 and a beta of 0.84. Old National Bancorp has a 52-week low of $12.36 and a 52-week high of $17.82.

Old National Bancorp (NASDAQ:ONBGet Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. The company had revenue of $440.20 million for the quarter, compared to the consensus estimate of $440.00 million. During the same period in the previous year, the business posted $0.54 EPS. The company’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, equities research analysts anticipate that Old National Bancorp will post 1.82 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Wednesday, June 5th. Old National Bancorp’s payout ratio is 30.27%.

Old National Bancorp Company Profile

(Get Free Report

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.

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Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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